QNB's Resource Employment Rate Declines to 81.9% by September 2024-End
First Bank
QNB's financial statements for the financial period ended September 30 of this year revealed that the Bank's resource employment rate fell to 81.9% by the end of the third quarter of 2024, compared to 87% by the end of December last year.
This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.
The decline in the Bank's resource employment rate during the first 9 months of 2024 reflects QNB's conservative policy towards resource employment during this period, which has strengthened the Bank's move away from the resource employment rate average for banks operating in the sector of more than 97%.
The bank was able to employ about EGP 623.44 bn of its traditional resources, which recorded EGP 761.03 bn by the end of September 2024 in both loans and financial investments at EGP 291.85 bn for financial investments, while total customer loans received EGP 331.60 bn.
While employing EGP 519.86 bn of its traditional resources, which recorded EGP 596.20 bn by the end of December 2023 in both loans and financial investments at EGP 254.23 bn for financial investments, and EGP 265.64 bn for total customer loans.
By the end of the third quarter of this year, the Bank's traditional resources spread between EGP 677.19 bn in deposit portfolio value, while the value of equity received EGP 83.85 bn during the same period.
The Bank's deposit employment rate fell to 48.97% by the end of September 2024, compared to 50.16% by the end of December 2023
Deposit employment for financial investments fell to 43.10% in the first 9 months of 2024, compared to 48% at the end of last year.
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